Unemployment Rate (Australia)
Unemployment Rate Expected to Jump Higher in Australia
Starts Thursday, May 14, 2020 at 01:30
Updated Thursday, May 14, 2020
The unemployment rate was holding steady at 5.6% on average during 2017 in Australia. Although in June last year, the unemployment rate declined to 5.4% and it remained at that level in July as well, while in August unemployment fell again to 5.3%, but remained unchanged in September. October's report showed a surprising decline to 5.0%. In November, the unemployment was expected to remain unchanged at 5.0%, but it ticked higher to 5.1%. In December we saw the opposite happen as unemployment was expected to remain at 5.1%, but instead it declined to 5.0% and remained the same in January as well. In February we saw another decline to 4.9% which came as a bit of a surprise, but the unemployment rate ticked higher to 5.0% again in March, which was revised higher to 5.1%. In April we saw another increase to 5.2%, so the economic weakness is also being felt in employment. In May, the unemployment rate was expected to decline to 5.1%, but it missed expectations and remained at 5.2%, where it has been since then, but it ticked higher unexpectedly in August. Although, unemployment ticked down to 5.2% again in September, moved to 5.3% again in October, but moved back down to 5.2% November again and again to 5.1% in December. The unemployment rate stood at that level in February, while in March it ticked higher to 5.2%, but we it is expected to jump to 8.3% in April due to coronavirus. Although, that's still much lower than in the West. Please follow us for live coverage of this event by experienced market analysts.
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About Unemployment Rate (Australia)
Released by the Australian Bureau of Statistics, the Unemployment Rate is the number of unemployed workers represented as a percentage of the aggregate civilian labor force. Abnormally high or growing Unemployment statistics are an indication of economic slowdown.Unemployment is a primary economic metric. Its performance is viewed as being correlated with consumer confidence, consumer spending, and industrial growth. Being a top 20 global power in terms of GDP, Australia depends heavily on its industrial and services sectors for output. Mining, food processing, steel, and chemical production play large roles in Australian industry.A high Unemployment reading is interpreted as bearish toward the AUD. Low or shrinking Unemployment fosters positive sentiment toward the AUD.